#TwoforTuesday – Home Owners Protection Act was technically updated with Fannie Mae’s recent announcements pertaining to the cancellation of MI. There are several ways MI can be cancelled. Either there’s lender initiated cancellation of MI, or Borrower initiated cancellation of MI. And when the borrower cancels it can be based on current value or the original value. I go over some of the changes that took place and go into effect on Jan 1, 2019.
The best part I see is FNMA spells out the process, provides the forms and the links to order value etc. Also, if there is original value being used they are now allowing the use the APS (Automated Property Service). The same system that issues the PIW’s that you could be getting with files can validate a value to be used to cancel MI now. This is great use of technology. BUT – Big but – FNMA does have some read between the lines guidelines on this whole cancellation policy. I go over the nuances in today’s episode.
As always I’m here to help you know the guidelines and help you close more loans. #LetsDoBusiness – If you have an “I gotta guy” question, TEXT Juiceman to 33655! I’d be happy to help you today!
As always –